Mumbai: Reliance Industries (RIL) has replaced state-run energy giant Oil and Natural Gas Corporation (ONGC) as the company with the highest market capitalization in the country. RIL beat ONGC with a 1.3 per cent rise in its share prices. The share price surge took its market capitalisation to over Rs161,000 crore, ahead of the market cap of Rs160,000 crore of current market leader ONGC.
ONGC's shares were trading marginally lower in the morning, keeping the company's market cap at about Rs 1.60 lakh crore.
Market observers also see further gains in RIL shares in the coming days on expectations of a robust second-quarter performance, scheduled to be announced on October 19.
IT major Infosys replaced PSU power major National Thermal Power Corporation as the country's third largest corporate entity only the day before with a five per cent jump in its share prices and a market capitalisation of Rs111,000 crore. Infosys's shares were gaining further ground driven by an impressive Q2 results and its plans to launch a secondary issue of $1.5 billion American Depositary Shares.
State-run energy major NTPC is currently the fourth largest with market capitalisation of about Rs107,000 crore.
Shares of TCS, the fifth most valuable Indian company, was also seen gaining. TCS has a market cap of over Rs103,000 crore.